PSEi hits 7,900 anew after Friday’s US rally
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Mon, 08 Apr 2019 16:18:46 +0000
THE stock market climbed back to the 7,900 level on Monday, mimicking a US rally supported by President Donald Trump’s call to cut interest rates.
The bellwether Philippine Stock Exchange index (PSEi) rose by 0.54 percent or 42.45 points to close at 7,915.63, while the broader All Shares increased by 0.41 percent or 19.97 points to end at 4,866.96.
P2P Trade Online sales associate Gabriel Jose Perez said the local market was influenced by the rally on Wall Street last Friday, with sentiment buoyed by Trump’s call to the Federal Reserve (Fed) to cut interest rates.
Trump said the Fed slowed US economic growth after it raised rates by four times, since Jerome Powell took the helm of the central bank in February last year.
Wall Street’s main indices all finished in the green on Friday, with the Nasdaq up the most by 0.59 percent. S&P 500 and Dow Jones grew by 0.46 percent and 0.15 percent, respectively.
Regional markets opened the trading week mixed. Tokyo dropped 0.21 percent, Shanghai dipped 0.05 percent, Jakarta fell 0.93 percent and Singapore slipped 0.33 percent.
Hong Kong grew by 0.47 percent, while Seoul inched up 0.04 percent.
Looking ahead, Eagle Equities Inc. research head Christopher Mangun said sideways trading would continue within the 7,900 range, as investors would remain on the sidelines.
In Manila, sectoral results were mixed, with the financials and mining and oil indexes the only losers, down 0.14 percent and 0.24 percent, respectively.
More than 679 million issues, valued at P5.4 billion, changed hands.
Winners led losers, 107 to 91, while 50 issues remained unchanged.
Trading is closed on April 9 because of Araw ng Kagitingan or Day of Valor.
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